Circular CAMEX 1 - 308. REMON 1 - 705

BANCO CENTRAL DE LA REPUBLICA ARGENTINA
__________________________________________________________________ COMUNICACION " A " 2277 05/12/94 __________________________________________________________________ TO FINANCIAL ENTITIES:
Ref.: Circular
CAMEX 1 - 308.
REMON 1 - 705.
We address you and through you to all interested parties, in order to inform you that it has been resolved to replace, effective from this date, the second paragraph of point 2.3.2. of Communication "A" 2171, with the following:

"...The purchase price of the securities will be the weighted average quotation of transactions carried out on the previous business day in the immediate cash modality, in pesos, on the Electronic Open Market and in the Buenos Aires Stock Exchange. If the species did not trade in pesos, the same quotation in United States dollars will be taken, considering for this effect the selling exchange rate reported by the Bank of the Argentine Nation at the close of operations on the Free Exchange Market of that day. The lack of quotation for a certain species will give rise to the application of the following criteria:

2.3.2.1. The quotation of the 1992 External Bonds will be fixed, for each day, based on an Internal Rate of Return (T.I.R.) that will be equivalent to 105% of the T.I.R. corresponding to the last quotation operated for the 1989 External Bonds.

2.3.2.2. The quotation of Treasury Bills in United States dollars will be fixed, for each day, at their present value, discounted by the annual rate at which the Central Bank operates in active repurchase agreements.

2.3.2.3. The quotation of the remaining national public titles denominated in foreign currency that do not trade or trade sporadically in the local markets will be fixed, for each day, based on an Internal Rate of Return (T.I.R.) that will be equivalent to 120% of the T.I.R. corresponding to the last quotation operated for the Consolidation Bonds in United States dollars, 2nd series.

We salute you very respectfully.

BANCO CENTRAL DE LA REPUBLICA ARGENTINA
Raúl O. Planes Hector O. Biondo
Market Operations Manager General Deputy Manager Operations"